So just like that, the Real Estate market nationwide changed in a blink of an eye. Interest rates are now higher than they have been for 17 years. and it all happened in a 4.5 month period. January you could find a 30 year loan for 3.25%, today its climbing closer to 5.5%.
So what does that mean for a buyer? With all terms alike, in January, when you could comfortably afford the monthly payment on a $600,000 house, now you need to look at homes that are priced around $475,000.
What does that mean for sellers? Those buyers who were OK paying THOUSANDS over your list price because the rates were so low, they now have to look in a lower price range!!!
It's going to be an interesting few months ahead. Out of the 15 active homes in 21228, the average "days on market" has increased from 7 to 16.
Here's an instant assessment if you're curious about your home's current value.
https://bit.ly/CatonsvilleHomeValue
Or if you're ready to sell your home click here.
https://bit.ly/SellMyHome2022
š„Catonsville EPIK Weekly Market Updates 05/12/2022š„
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